NEW YORK ( TheDeal) -- Depomed (DEPO) said it will consider a revised unsolicited bid from Horizon Pharma (HZNP) - Get Report but effectively rejected the $2 billion offer calling it a purported and conditional increase in price. 

Depomed, a specialty pharmaceutical company focused on pain and neurology medications, in April acquired the diabetes-related pain drug Nucynta from a subsidiary of Johnson & Johnson (JNJ) - Get Report for $1 billion. Nucynta is marketed and adds to the pain portfolio of Depomed and its drug delivery technology. Depomed says it is in the midst of a transformation driven in part by the addition of Nucynta and is confident in the direction the company.

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